The good news is this is not the case for many potential homeowners. By working with Bradford and Bingley, FirstRungNow has developed a case study, which demonstrates that on a monthly basis, paying part of a joint mortgage can be cheaper than paying the monthly rent. This example can be seen at their web-site, www.FirstRungNow.com.
Helen Adams, Director of FirstRungNow Ltd comments: “Because people are buying together and interest rates are currently, historically speaking, very low, a joint mortgage is quite affordable if individuals club together. The alternative for many, is never even contemplating property ownership on their own. And of course, paying your own mortgage off has surely got to be better than paying for somebody else’s!”
Within the FirstRungNow Joint Ownership Guide, available from the web-site, there is also an example of how finances can be structured when you buy with others and then again when you sell at a later date. The Joint Ownership Guide gives comprehensive information on the legalities, practicalities, costs and technicalities of Joint Ownership as a way onto the property ladder.
At www.FirstRungNow.com, you can even find someone to buy a first home with through the FirstRungNow Joint Ownership Introduction Service.
